Payout policy and ownership structure: The Case of Islamic and Conventional Banks

Using a sample of Islamic and conventional financial institutions domiciled in 16 countries for the period 2000–2015, we examine how ownership structure affects dividend policy. Our main findings indicate that ownership identity is important in explaining dividend policy in these banks, albeit in different patterns. In particular, the results suggest that government ownership seems to exert negative effects on dividend payouts in both types of banks, which is in line with the preference of governments towards bank stability. With respect to family ownership, the impact is negative for conventional banks but positive for Islamic ones, consistent with agency theory. These results are to some extent similar in the case of foreign ownership where it is associated with a higher payout policy in Islamic banks, but not significant in conventional ones. Our results are robust to an array of additional analyses including propensity score matching

Forecasting the dynamics of financial markets. Empirical evidence in the long term

none3noThis study aims to verify whether there are any macroeconomic variables that have significant power in predicting the dynamics of financial markets. In particular, we want to identify an econometric model that can guide the strategies of operators in building their investment portfolios. The analysis considers the US market during a period of rapid economic change and high volatility of stock prices.The authors evidence that a number of variables have systematically influenced the evolution of the stock market during the period under review. These variables are the macroeconomic indicators that relate to the sentiment of consumers and companies, the term structure, the premium for the risk of default, the rate of growth of the monetary base, the oil price and sea freight rates.JEL Classification: G10, G11, G17, N20.mixedFranci L.; Duqi A; Torluccio G.Franci L.; Duqi A; Torluccio G

An analysis of the R&D effect on stock returns for European listed firms

Almost all studies on research and development (R&D) activity are based on US and British companies, and most of them show that this activity positively influences both stock returns and corporate value. This empirical study evaluates the effects of R&D on stock returns for a sample of listed companies from thirteen European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Spain, Sweden and United Kingdom. We find that this effect is positive, and also significant, in predicting future returns.Other variables appear to be important too, such as book-to-market ratio and firm size. We also test a different set of hypotheses that aim to capture the many differences and peculiarities between these countries such as the development of the national equity and credit markets, the grade of disclosure for listed firms and the protection of minority shareholders. Generally, financial markets value R&D investment better in investorfriendly environments and those with a high level of legal protection

Low-Profile Frequency-Scanned Antenna Based on Substrate Integrated Waveguide

A beam scanning flat antenna array with the frequency that covers about the whole X/Ku-band is proposed in this paper. The radiation element is the continuous transverse stub (CTS) constituted by the substrate integrated waveguide (SIW). The CTS array is fed by a linear source which is a SIW parabolic reflector, and good impedance matching characteristics within a broad bandwidth are obtained. The beam steering direction is tunable with the frequency increasing within the operation band. The design principles of the SIW based CTS array and the feed structure are explained in details. One 16-element array is simulated, designed and fabricated. The measurement results show a scanning angle range from 52.2° to -16.8° with the 3-dB gain decreasing within the operation band from 8.5 GHz to 14.1GHz. At the center frequency of 12 GHz, it achieves a maximum gain of 18.1 dBi with an array size of 11.7?0×1.28?0, the first sidelobe level is -11.4 dB and the 3-dB beamwidth is 6.5°

Rapid Mathematical Programming for Cooperative Truck Networks

Many biological assays require the ability to isolate and process single cells. Some research fields, such as the characterization of rare cells, the in vitro processing of stem cells, and the study of early stage cell differentiation, call for the additional and typically unmet ability to work with extremely low-count cell populations. In all these cases, efficient single-cell handling must be matched with the ability to work on a limited number of cells with a low cell loss rate. In this paper, we present a platform combining flow-through processing with deterministic (nonstatistical) patterning of cells coming from extremely small cell populations. We describe here modules using dielectrophoresis to control the position of cells flowing in microchannels and to pattern them in open microwells where cells were further analyzed. K562 cells continuously flowing at a speed of up to 100 μm/s were tridimensionally focused, aligned, and patterned inside microwells. A high-patterning yield and low cell loss rate were demonstrated experimentally: 15uL drops, containing an average of 15 cells, were transferred to the microchannel with an 83% yield, and cells were then patterned into microwells with a 100% yield. The deterministic patterning of cells was demonstrated both by isolating single cells in microwells and by creating clusters composed of a predetermined number of cells. Cell proliferation was assessed by easily recovering cells from open microwells, and a growth rate comparable to the control was obtained

R&D innovation indicator and its effects on the market. An empirical assessment from a financial perspective

We propose an alternative firm-level measure for innovation activities—R&D elasticity—and we analyse its effects on the Tobin's Q of listed companies on the Euronext 100 Index. We find that R&D elasticity is positively related to market appreciation by stakeholder investors. Moreover, we analyse the role of default risk in the relationship between innovation activities and market value, and find that firms' default probabilities are negatively related to Tobin's Q. These findings are supported by OLS regressions, wherein Tobin's Q is regressed on R&D elasticity, five-year default probability, and controls such as ESG voluntary disclosure. These results further the research aimed at developing a conceptual framework for integrating at a policy level the R&D elasticity indicator as a type of innovation disclosure among the non-financial disclosures released by companies

Continuos Flow Single Cell Separation into Open Microwell Arrays

A novel design based on electric field-free open microwell arrays for the automated continuous-flow sorting of single or small clusters of cells is presented. The main feature of the proposed device is the parallel analysis of cell-cell and cell-particle interactions in each microwell of the array. High throughput sample recovery with a fast and separate transfer from the microsites to standard microtiter plates is also possible thanks to the flexible printed circuit board technology which permits to produce cost effective large area arrays featuring geometries compatible with laboratory equipment. The particle isolation is performed via negative dielectrophoretic forces which convey the particles’ into the microwells. Particles such as cells and beads flow in electrically active microchannels on whose substrate the electrodes are patterned. The introduction of particles within the microwells is automatically performed by generating the required feedback signal by a microscope-based optical counting and detection routine. In order to isolate a controlled number of particles we created two particular configurations of the electric field within the structure. The first one permits their isolation whereas the second one creates a net force which repels the particles from the microwell entrance. To increase the parallelism at which the cell-isolation function is implemented, a new technique based on coplanar electrodes to detect particle presence was implemented. A lock-in amplifying scheme was used to monitor the impedance of the channel perturbed by flowing particles in high-conductivity suspension mediums. The impedance measurement module was also combined with the dielectrophoretic focusing stage situated upstream of the measurement stage, to limit the measured signal amplitude dispersion due to the particles position variation within the microchannel. In conclusion, the designed system complies with the initial specifications making it suitable for cellomics and biotechnology applications

The Ritual (Traditional) Songs In The Villages Of Tirana

This work intends to reflect on and to analyze the rituals ever-present during the holidays and the traditional celebrations during the year. The stimulus for this study was the interest shown towards ritual songs, which with the passing of the time are being forgotten and fade away as a result of social and cultural development. In this study we intend to point out some general characteristics of the songs of the spring season, including important holidays and rituals such as: “The First day of Summer”, “Llazoret (collecting eggs from the neighbors as a sign of spring coming)”, “Saint George”, etc; and also other songs which represent the traditional rituals related to agriculture and livestock farming to whom are dedicated specific ceremonies too. In this study we have analyzed some of these songs in order to better understand their origin and to reach some conclusions too. We found out that the song “Llazoret” is sung in different areas of Tirana’s villages, but with some variations. The grouping of the songs used in this study testifies that the origin of these songs is very old. Outside the rituals these songs lost their original meaning and that’s the reason why many of them are disappeared and the rest is dying slowly because of the obliteration

Hydrothermal conditions modulate the impact of climate extremes on vegetation growth in the Northern Hemisphere

AimClimate extremes are becoming more frequent under global warming, with substantial repercussions for vegetation growth. The degree to which climate extremes increase the risk of high-impact events on vegetation growth is of high concern.LocationNorthern Hemisphere (north of 30° N).Time PeriodFrom 2001 to 2022Major Taxa StudiedVegetation(including croplands, boreal, temperate forests, and temperate grasslands).MethodsWe utilized solar-induced chlorophyll fluorescence (SIF) and the normalized difference vegetation index (NDVI) as proxies for vegetation growth and performed event coincidence and sensitivity analyses to attribute satellite-derived vegetation growth extremes to diverse climate extremes (extreme heat, cold, wet, and drought) in the Northern Hemisphere.ResultsOur results showed that extreme heat and cold were the main climatic extremes that induced positive and negative vegetation growth extremes north of 30° N, respectively, mainly in cold and humid ecosystems (boreal and temperate forests). Water-related extreme events accounted for less than one-third of vegetation extremes. The contribution of drought to positive vegetation growth extreme events (approximately 17 %), mainly in cold and humid ecosystems, was even slightly higher than that of extreme wet (approximately 12 %), which predominantly impacted relatively warm and arid ecosystems (croplands and temperate grasslands). We further identified potential climatic thresholds that could induce a reversal of vegetation growth responses to climate extremes and showed that the past four decades of warming and precipitation changes did not induce a shift in the main climatic drivers of vegetation extremes across northern ecosystems.Main ConclusionsOur results emphasize the crucial role of background hydrothermal conditions in the attribution of vegetation growth extremes to diverse climate extremes across northern ecosystems and have substantial implications for predicting how Northern Hemisphere vegetation will respond to increasing climate extremes in the future.</p